Sales of elevators in China to rise 15 percent in 2018

Sales of elevators in China will rise by 15 percent in 2018 from a year ago because of a rally in the real estate industry two years ago, Nomura predicted today.

“Sales of elevators are normally met two years after homes are constructed, thus indicating a rebound this year as there was a rally in the realty market in 2016,” said Patrick Xu, Nomura’s industrial analyst. He expected the homes to be completed in two years.

China sold 1.57 billion square meters of homes in 2016, up 22.5 percent annually, while its gross floor area added 7.59 billion square meters or 3.2 percent higher from 2015, according to the National Bureau of Statistics.